UPDATE: Thank God Chicago lost, it's the best thing for Obama.
This is pretty embarrassing for the White House. (Especially letting Obama having to fail in front of his wife—ouch!) But ultimately, it’s a good thing for him. As I wrote on Monday, the Olympics are notorious for running massively over budget. The organizing committees are always rife with infighting and power games as all manner of colorful cronies badger members to get their paws on some of those coveted Olympics dollars. Public support for the Olympics in Chicago itself was already lukewarm. Residents would have been facing seven years of disruptive construction and roadwork as their city raced to prepare itself. It’s a recipe for serious disgruntlement.